'A+' BY FITCH -- FITCH FINANCIAL WIRE --
NEW YORK, Nov. 27 /PRNewswire/ -- Reedy Creek Improvement District's $186 million Utilities Revenue Bonds are rated "A+" by Fitch. The credit trend is stable. The district currently encompasses about 29,100 acres in central Florida, including The Walt Disney World Resort Complex. The in central Florida, including The Walt Disney World Resort Complex. The

the utility system remains favorable. While rates are competitive
with those of neighboring utilities, added flexibility is provided by
the district being the sole supplier of utility services to its
territory. Capital additions are manageable and will be tied to future
growth of the Disney World theme park.

Credit concerns center on the importance of a single entity, The Walt Disney Co., to the security of the bonds. Although theme park attendance and financial results have been hurt by the recent recession and the Gulf War, Disney's position as a leading international entertainment concern and the planned expansion of its domestic theme parks should bode well for the longer term.
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/CONTACT: Alan Spen, 212-908-0594 or Rebecca Bachman, 212-908-0516, both of Fitch/ CO: Reedy Creek Improvement District ST: Florida IN: UTI SU: RTG SU: RTG

SH -- NY021 -- 7715 11/27/91 11:56 EST

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